Fairbanks Capital Corp. reached a tentative settlement with regulators, according to a report by American Banker, a sister publication of Asset Securitization Report. Under the $40 million settlement, Fairbanks is required to change alleged predatory practices, according to the PMI Group Inc. PMI is a majority shareholder of the Salt Lake City-based subprime servicer. The said settlement must be approved by the Federal Trade Commission, the Department of Housing and Urban Development and the courts.
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Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
30m ago -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
9h ago -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24 -
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23 -
Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.
April 23